One of the epicenters of the real estate bust of 08 has officially turned a page.
The real estate market in San Bernardino County is returning with a vengeance thanks to an increasingly strong economy, low interest rates, and an alarming lack of inventory.
According to the Marketwatch Report Q5-2015, the monthly supply of homes declined 38.3% from the previous year, which demonstrates a market tightening that will almost certainly drive up home prices. This was also reflected in a 7.3% median sales price increase and average sales price increase of 7.7%.
As a matter of fact, sales rose in all six SoCal counties: L.A., Orange, Riverside, San Bernardino, Ventura, and San Diego.
L.A. County saw a 12.5% increase and Orange County boasted an 8.9% gain. These recent gains may offer a glimpse into what is likely to be a very active spring in real estate. A looming concern is the Metro L.A. real estate, which could begin to mirror whats happened in San Francisco where high paying jobs have driven up real estate values, pricing out those with modest incomes.This bodes well for the rental market, but not for millennials who are looking to break into the homeownership ranks.
If you have an questions in regards to the real estate market, contact me at(909) 240-6058.